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Author Topic: MyBitcoin has started spending our stolen coins  (Read 9535 times)
Rampion
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July 18, 2013, 01:42:25 PM
 #81

The odd thing is the coins are not being sent in the way a normal Bitcoin client would send them, the address balances are being nibbled at and combined with other small payments from other address to new addresses, like here: http://blockexplorer.com/address/12ViYXgordxUkmPhN5PAU9vJRHwc8jftfQ. The coins are sitting in that new address. Now the question is, is that a MtGox address or still the BitThiefs? If MtGox is willing to lock accounts because coins were long before used to scam MMORPG money, they should at least be willing to find, flag, lock, and IP log coins sent directly from mybitcoin users' addresses to the exchange, disclose that those are MtGox addresses if requested, and respond to subpoenas to the identity of the thief (for private action or to be handed over to the prosecution arm of juristictional law enforcement).

Along with the magical re-appearance of "Tom Williams" at the same time, we know it's the site owner, and I have a feeling they are being transferred to the exchange for quick sell, huge sells happening right after these transfers.

It seems those BTC were sent to Gox in April this year, nice exchange rate at that time. Yep, this is an epic necro, but I thought it could be fun to track some more of the mybitcoin stolen funds.

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fellowtraveler
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July 18, 2013, 06:38:55 PM
 #82

Now that a Bitcoin prediction market is popping up, perhaps some will place bets on whether or not the proprietors of MyBitcoin.com are able to survive the year.

People can even bet on the exact day.

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July 19, 2013, 02:34:41 AM
 #83

The odd thing is the coins are not being sent in the way a normal Bitcoin client would send them, the address balances are being nibbled at and combined with other small payments from other address to new addresses, like here: http://blockexplorer.com/address/12ViYXgordxUkmPhN5PAU9vJRHwc8jftfQ. The coins are sitting in that new address. Now the question is, is that a MtGox address or still the BitThiefs? If MtGox is willing to lock accounts because coins were long before used to scam MMORPG money, they should at least be willing to find, flag, lock, and IP log coins sent directly from mybitcoin users' addresses to the exchange, disclose that those are MtGox addresses if requested, and respond to subpoenas to the identity of the thief (for private action or to be handed over to the prosecution arm of juristictional law enforcement).

Along with the magical re-appearance of "Tom Williams" at the same time, we know it's the site owner, and I have a feeling they are being transferred to the exchange for quick sell, huge sells happening right after these transfers.

It seems those BTC were sent to Gox in April this year, nice exchange rate at that time. Yep, this is an epic necro, but I thought it could be fun to track some more of the mybitcoin stolen funds.

So the thief waits a mere year, then dumps the coins into a Mt. Gox account that will almost certainly be linked to his real-life identity? Hmph. Either someone was just framed; or the thief has an unusual level of trust in Mt. Gox keeping his identity secret; or he gambled that no one would notice, and lost.


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July 19, 2013, 03:52:34 AM
 #84

You don't NEED to give MTgox your details if you pull out BTC...

So all they have to do is 'trade' pull out.... put back in..'trade'.... pull out.. put back in.. 'trade', all to different accounts.
Then Finally  start re-trading back to USD.

Mtgox will act a a complex mixing service purely because of the number of clients it has..., and that is before they even begin to use other external mixing services....

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xavier
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July 19, 2013, 04:22:12 AM
 #85

Hmm. Great, I had about 100 bitcoins on MyBitcoin.

If I ever meet this Bruce Wagner guy..
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July 19, 2013, 05:14:41 AM
 #86

I've always been a bit confused about how exactly MyBitcoin did its marketing...

Bruce Wagner was head marketer http://buttcoin.org/has-bruce-wagner-pulled-off-the-financial-biggest-scam-on-the-bitcoin-community

I thought if I responded to your post maybe you would come back to the forum and tell us about your arrest and conviction.

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July 19, 2013, 09:26:16 AM
 #87

OK - reading this was quite interesting.

And to be honest it gives me a new appreciation of FinCEN.

It looks like this Bruce Wagner guy was involved and has been involved in several other financial scams before, including legal judgements against him. It thus seems unlikely that if he operated an exchange instead of an web wallet, he would have been able to get FinCEN approved.

So even though I don't like a lot of the bitcoin regulation crap, what I'm taking away from this is that if you are going to use a web wallet, make sure it is at an exchange that has the FinCEN paperwork in as well as any state MSB paperwork in. That reduces your risk of being scammed like this.

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Rampion
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July 19, 2013, 09:27:48 AM
 #88

OK - reading this was quite interesting.

And to be honest it gives me a new appreciation of FinCEN.

It looks like this Bruce Wagner guy was involved and has been involved in several other financial scams before, including legal judgements against him. It thus seems unlikely that if he operated an exchange instead of an web wallet, he would have been able to get FinCEN approved.

So even though I don't like a lot of the bitcoin regulation crap, what I'm taking away from this is that if you are going to use a web wallet, make sure it is at an exchange that has the FinCEN paperwork in as well as any state MSB paperwork in. That reduces your risk of being scammed like this.

This is why I did such an awful thing as it is necroing the thread. This deserves it I think, it's a good read for the noobs.

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July 19, 2013, 03:52:16 PM
 #89

Agreed

This is why I love Bitcoin, where else can someone track down and prove a scam was a scam... and then again, which versions of bitcoin accept multi-signature default spending  so If you give it to someone they can't do anything with it until the second signature signs the transaction?

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